Distr. General JSPB/G.4/Rev.22. Regulations, Rules and Pension Adjustment System of the United Nations Joint Staff Pension Fund

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2 Distr. General JSPB/G.4/Rev.22 Regulations, Rules and Pension Adjustment System of the United Nations Joint Staff Pension Fund United Nations 1 January 2018

3 Regulations, Rules and Pension Adjustment System of the United Nations Joint Staff Pension Fund* CONTENTS REGULATIONS OF THE UNITED NATIONS JOINT STAFF PENSION FUND Article Part I. - DEFINITIONS AND INTERPRETATION Page 1. Definitions Interpretation... 3 Part II. - MEMBERSHIP AND ADMINISTRATION 3. Membership Administration of the Fund United Nations Joint Staff Pension Board Staff pension committees Secretariat of the United Nations Joint Staff Pension Board Secretariats of staff pension committees Committee of Actuaries Consulting Actuary Adoption of actuarial bases Actuarial valuation of the Fund Transfer of pension rights Annual report and audit Administrative expenses Termination of membership... 7 Part III. - ASSETS AND INVESTMENT 17. Assets of the Fund Property in the assets Investment of the assets Investments Committee... 8 Part IV. - PARTICIPATION, CONTRIBUTORY SERVICE AND CONTRIBUTIONS 21. Participation Contributory service Validation of non-contributory service Restoration of prior contributory service Contributions Deficiency payments i

4 Part V. - BENEFITS 27. Entitlement to benefits Retirement benefit Early retirement benefit Deferred retirement benefit Withdrawal settlement Deferment of payment or choice of benefit Disability benefit Widow's benefit Widower's benefit bis Divorced surviving spouse's benefit ter Spouses married after separation Child's benefit Secondary dependant's benefit Residual settlement Limitation of entitlements during leave without pay Effect of re-entry into participation Part VI. - GENERAL PROVISIONS 41. Medical evaluation Information from participants and beneficiaries Recovery of indebtedness to the Fund Interest on unpaid benefits Non-assignability of rights bis Disposition of pension benefits in case of conviction for fraud against employing organization Forfeiture of benefits Currency Jurisdiction of the United Nations Appeals Tribunal Part VII. - AMENDMENT AND ENTRY INTO FORCE 49. Amendment Entry into force Part VIII. - PENSIONABLE REMUNERATION 51. Pensionable remuneration Part IX. - SUPPLEMENTARY ARTICLES A. Part-time employment B. Participation of officials who are not staff members C. Transitional measures in respect of final average remuneration D. Transitional measures in respect of lump-sum commutation ii

5 APPENDICES A. Gross pensionable salary for the General Service and related categories B. Scale of pensionable remuneration for the Professional and higher categories C. Scale of pensionable remuneration for the Field Service category ANNEXES I. Administrative Rules of the United Nations Joint Staff Pension Fund II. Financial Rules of the United Nations Joint Staff Pension Fund III. Rules of Procedure of the United Nations Joint Staff Pension Fund Appendix 1 Composition of the Board Appendix 2 Composition of the Standing Committee Appendix 3 Terms of Reference of the Investments Committee Appendix 4 Terms of Reference of the Audit Committee of the United Nations Joint Staff Pension Board Appendix 5 Terms of Reference for the Assets and Liabilities Monitoring Committee of the Board Appendix 6 Terms of Reference of the Committee of Actuaries Appendix 7 Terms of Reference of the Staff Pension Committees and their Secretaries...81 IV. Pension Adjustment System of the United Nations Joint Staff Pension Fund...89 NOTES A. UNJSPF Emergency Fund B. List of Transfer Agreements concluded by the UNJSPF under article 13 of the Regulations * * * The Regulations of the United Nations Joint Staff Pension Fund were adopted by the United Nations General Assembly by resolution 248 (III), effective 23 January 1949, and have been amended by the Assembly a number of times since then, following recommendations by and consultation with the United Nations Joint Staff Pension Board. * The text as well as amounts in this booklet of the Regulations, Administrative Rules, Pension Adjustment System as well as the Rules of Procedure are those in force as of 1 January 2018 and are subject to change. The most updated text can always be found on the Fund s website: In respect of flat rate benefits specified in articles 28(e), (f), 33(d), 34(c)/35, 34(c) (i)/35, 34(d)/35, 36(d), please refer to the latest memorandum on the website, which reflects the movement of the United States CPI under the Pension Adjustment System. iii

6 REGULATIONS OF THE UNITED NATIONS JOINT STAFF PENSION FUND SCOPE AND PURPOSE OF THE FUND The United Nations Joint Staff Pension Fund is a fund established by the General Assembly of the United Nations to provide retirement, death, disability and related benefits for the staff of the United Nations and the other organizations admitted to membership in the Fund. PART I. DEFINITIONS AND INTERPRETATION Article 1 DEFINITIONS In these Regulations, and in the Administrative Rules, unless the context otherwise requires: (a) "Actuarial equivalent" and "equivalent actuarial value" shall mean the equivalent determined according to the actuarial tables adopted by the Board under article 11. (b) "Administrative Rules" shall mean the rules made by the Board under article 4. (c) "Benefit" shall include a withdrawal settlement under article 31, and a residual settlement under article 38. (d) "Board" shall mean the United Nations Joint Staff Pension Board. (e) "Child" shall mean a child existing on the date of separation or death in service of a participant and shall include the step-child or adopted child of a participant, and a child in utero upon its birth; in the event of uncertainty as to whether adoption has taken place, the matter shall be decided by the Board. (f) "Commute" shall mean cause to be converted and paid in a lump sum part or the whole of a benefit otherwise payable at periodic intervals, according to the actuarial tables of the Fund. (g) "Dollars" shall mean dollars of the United States of America. (h) "Final average remuneration" shall mean the average annual pensionable remuneration of a participant during: (i) (ii) (iii) (iv) The thirty-six completed calendar months of highest pensionable remuneration within the last five years of a participants contributory service; or If the contributory service was less than five years, the thirty-six completed calendar months of highest pensionable remuneration within the actual period of such service; or If the contributory service contained less than thirty-six completed calendar months, the actual number of such months within the contributory service; or If the contributory service contained no completed calendar month, the actual period of such service

7 (i) (j) "Fund" shall mean the United Nations Joint Staff Pension Fund. "General Assembly" shall mean the General Assembly of the United Nations. (k) "In pay status" shall mean that a participant is entitled to remuneration from a member organization under the terms of his or her appointment. (l) "Interest" shall mean interest compounded annually at the rates specified in article 11(c). (m) "Member organization" shall mean the United Nations and any specialized agency or other organization admitted to membership in the Fund in accordance with article 3. (n) "Normal retirement age" shall mean age 60, except that it shall mean age 62 for a participant whose participation commences or recommences on or after 1 January 1990 but before 1 January 2014, and age 65 for a participant whose participation commences or recommences on or after 1 January (o) "Own contributions" shall mean the contributions, not exceeding the percentage of his or her pensionable remuneration specified in article 25(a), column B, made to the Fund by or on behalf of a participant in respect of contributory service under article 22, with interest, provided that, in respect of service in a member organization prior to its admission to membership in the Fund, which has been recognized as contributory, it shall mean: (i) (ii) The amount transferred on account of the participant from the Provident Fund of such member organization at the time of its admission, without interest; or The amount, not exceeding 12 per cent of his or her pensionable remuneration, received by the participant from the Provident Fund of such member organization on separation prior to its admission and repaid to that organization, upon re-employment, for the purpose of recognition of such service as contributory, without interest. (p) "Participant" shall include a former participant. (q) "Pensionable remuneration" shall mean the remuneration, at its equivalent in dollars, defined in article 51. (r) "Restoration" shall mean the inclusion in contributory service of the prior contributory service of a former participant who again becomes a participant. (s) "Secondary dependant" shall mean the mother or father, or an unmarried brother or sister under the age of twenty-one, who was dependent on the participant at the date of the participant s death in service, or from the date of the participant s separation from service to the date of the participant s death if he or she died after separation. The Board shall prescribe in the Administrative Rules the meaning of "dependent" for the purpose of this definition. (t) "Secretary-General" shall mean the Secretary-General of the United Nations. (u) "Separation" shall mean ceasing to be in the service of a member organization otherwise than by death

8 (v) "Service" shall mean employment as a full-time member of the staff of a member organization. (w) "Validation" shall mean the inclusion in contributory service of a period of non-contributory service which occurred prior to the commencement of participation. Article 2 INTERPRETATION The Board shall, to the extent required to give effect thereto, interpret these Regulations and the Administrative Rules. PART II. MEMBERSHIP AND ADMINISTRATION Article 3 MEMBERSHIP (a) The member organizations of the Fund, on the date of entry into effect of these Regulations, are the United Nations and the following: European and Mediterranean Plant Protection Organization Food and Agriculture Organization of the United Nations International Atomic Energy Agency International Centre for Genetic Engineering and Biotechnology International Centre for the Study of the Preservation and the Restoration of Cultural Property International Civil Aviation Organization International Criminal Court International Fund for Agricultural Development International Labour Organization International Maritime Organization International Organization for Migration Inter-Parliamentary Union International Seabed Authority International Telecommunication Union International Tribunal for the Law of the Sea Special Tribunal for Lebanon United Nations Educational, Scientific and Cultural Organization United Nations Industrial Development Organization World Health Organization World Intellectual Property Organization World Meteorological Organization World Tourism Organization (b) Membership in the Fund shall be open to the specialized agencies referred to in Article 57, paragraph 2, of the Charter of the United Nations and to any other international, intergovernmental organization which participates in the common system of salaries, allowances and other conditions of service of the United Nations and the specialized agencies. (c) Admission to membership in the Fund shall be by decision of the General Assembly, upon the affirmative recommendation of the Board, after acceptance by the organization concerned of these - 3 -

9 Regulations and agreement reached with the Board as to the conditions which shall govern its admission. Article 4 ADMINISTRATION OF THE FUND (a) The Fund shall be administered by the United Nations Joint Staff Pension Board, a staff pension committee for each member organization, and a secretariat to the Board and to each such committee. (b) The administration of the Fund shall be in accordance with these Regulations and with Administrative Rules, including Financial Rules for the operation of the Fund, consistent therewith which shall be made by the Board and reported to the General Assembly and the member organizations. (c) The Board may appoint a Standing Committee which shall have the power to act on behalf of the Board when it is not in session and may, subject to article 7, delegate its powers under these Regulations to the staff pension committees of the member organizations. (d) The assets of the Fund shall be used solely for the purposes of, and in accordance with, these Regulations. Article 5 UNITED NATIONS JOINT STAFF PENSION BOARD (a) The United Nations Joint Staff Pension Board shall consist of: (i) (ii) Twelve members appointed by the United Nations Staff Pension Committee, four of whom shall be from the members and alternate members elected by the General Assembly, four from those appointed by the Secretary-General, and four from those elected by the participants in service in the United Nations; and Twenty-one members appointed by the staff pension committees of the other member organizations in accordance with the Rules of Procedure of the Fund, seven of whom shall be from the members and alternate members chosen by the bodies of the member organizations corresponding to the General Assembly, seven from those appointed by the chief administrative officers of the member organizations and seven from those chosen by the participants in service. (b) Alternate members may be appointed by each staff pension committee. Article 6 STAFF PENSION COMMITTEES (a) The United Nations Staff Pension Committee shall consist of four members and four alternate members elected by the General Assembly, four members and two alternate members appointed by the Secretary-General, and four members and two alternate members, who shall be participants in the Fund and on the staff of the United Nations, elected by the participants in service in the United Nations by secret ballot

10 (b) The elected members and alternate members of the United Nations Staff Pension Committee shall hold office for four years or until the election of their successors, and they shall be eligible for re-election; in the event that such an elected member or alternate member ceases to be a member of the Committee, another member or alternate member may be elected to hold office during the remainder of the term. (c) The staff pension committees of the other member organizations shall consist of members and alternate members chosen by the body of the organization corresponding to the General Assembly, its chief administrative officer, and its participants in service, in such a manner that the number representing each shall be equal and, in the case of the participants, that the members and alternate members shall themselves be participants in the service of the organization. Each member organization shall make rules for the election or appointment of the members and alternate members of its staff pension committee. Article 7 SECRETARIAT OF THE UNITED NATIONS JOINT STAFF PENSION BOARD (a) The Chief Executive Officer of the Fund and a Deputy shall be appointed by the Secretary- General on the recommendation of the Board. (b) The Secretary-General shall appoint such further staff as may be required from time to time by the Board in order to give effect to these Regulations. (c) The Chief Executive Officer shall perform that function under the authority of the Board and shall certify for payment all benefits properly payable under these Regulations. The Chief Executive Officer shall also serve as Secretary of the Board. In the absence of the Chief Executive Officer of the Fund, the Deputy Chief Executive Officer shall perform these functions. Article 8 SECRETARIATS OF STAFF PENSION COMMITTEES (a) The secretariat of the Board shall serve as the secretariat of the United Nations Staff Pension Committee. (b) A secretary to the staff pension committee shall be appointed by the chief administrative officer of each other member organization on the recommendation of the committee. Article 9 COMMITTEE OF ACTUARIES (a) A committee consisting of five independent actuaries shall be appointed by the Secretary-General upon the recommendation of the Board. (b) The function of the committee shall be to advise the Board on actuarial questions arising out of the operation of these Regulations

11 Article 10 CONSULTING ACTUARY A consulting actuary to the Board shall be appointed by the Secretary-General upon the recommendation of the Board for the purpose of providing actuarial services to the Fund. Article 11 ADOPTION OF ACTUARIAL BASES (a) The Board shall, on the advice of the Committee of Actuaries, adopt, and revise when appropriate, service, mortality and other tables and shall decide upon the rates of interest to be used in the periodic actuarial valuation of the Fund. (b) At least once in every three years the Board shall have an actuarial investigation made into the service, mortality and benefit experience of the participants and beneficiaries of the Fund and shall determine whether the actuarial bases of the Fund should be modified. (c) The rates of interest which, without prejudice to the power of the Board to establish rates under (a) above for the purpose of actuarial valuation, shall be used in all calculations required in connection with these Regulations shall be 2.5 per cent per annum until 31 December 1957, 3 per cent per annum from 1 January 1958 to 31 March 1961 and 3.25 per cent per annum thereafter, until changed by the Board. Article 12 ACTUARIAL VALUATION OF THE FUND (a) The Board shall have an actuarial valuation made of the Fund at least once every three years by the consulting actuary. (b) The actuarial report shall state the assumptions on which the calculations are based; it shall describe the method of valuation used, and state the results, as well as the recommendations, if any, for appropriate action. (c) The Board shall, in the light of the report, recommend such action to the member organizations as it deems desirable; the recommendations to the General Assembly shall be transmitted through the United Nations Advisory Committee on Administrative and Budgetary Questions, which shall also be provided with a copy of the actuarial report. Article 13 TRANSFER OF PENSION RIGHTS The Board may, subject to the concurrence of the General Assembly, approve agreements with Member States of a member organization and with intergovernmental organizations, with a view to securing continuity of pension rights between the governments of such States or organizations and the Fund

12 Article 14 ANNUAL REPORT AND AUDIT (a) The Board shall present to the General Assembly and to member organizations, at least once every year, a report, including financial statements, on the operation of the Fund, and shall inform each member organization of any action taken by the General Assembly upon the report. (b) There shall be annual audits of the operations of the Fund, in a manner agreed between the United Nations Board of Auditors and the Board. An audit report on the accounts of the Fund shall be made every year by the United Nations Board of Auditors; a copy of the audit report shall be included in the report under (a) above. Article 15 ADMINISTRATIVE EXPENSES (a) Expenses incurred by the Board in the administration of these Regulations shall be met by the Fund. (b) Biennial estimates of the expenses to be incurred under (a) above shall be submitted to the General Assembly for approval during the year immediately preceding the biennium to which the said estimates relate. Supplementary estimates may similarly be submitted in the first and/or the second year of the biennium to which the budget relates. (c) Expenses incurred in the administration of these Regulations by a member organization shall be met by that organization. Article 16 TERMINATION OF MEMBERSHIP (a) Membership in the Fund may be terminated by decision of the General Assembly, upon the affirmative recommendation of the Board, following application for termination by a member organization or continued default by a member organization in its obligations under these Regulations. (b) In the event of such termination, a proportionate share of the total assets of the Fund at the date of termination shall be paid to the former member organization for the exclusive benefit of its staff who were participants in the Fund on such date, pursuant to an arrangement mutually agreed between such organization and the Board. (c) The amount of the proportionate share shall be determined by the Board after an actuarial valuation of the assets and liabilities of the Fund on the date of termination, provided that no part of the assets which are in excess of the liabilities shall be included in such share. PART III. ASSETS AND INVESTMENT The assets of the Fund shall be derived from: Article 17 ASSETS OF THE FUND - 7 -

13 (a) (b) (c) (d) (e) The contributions of the participants; The contributions of the member organizations; The yield from the investments of the Fund; Deficiency payments, if any, under article 26; and Receipts from any other source. Article 18 PROPERTY IN THE ASSETS The assets shall be the property of the Fund and shall be acquired, deposited and held in the name of the United Nations, separately from the assets of the United Nations, on behalf of the participants and beneficiaries of the Fund. Article 19 INVESTMENT OF THE ASSETS (a) The investment of the assets of the Fund shall be decided upon by the Secretary-General after consultation with an Investments Committee and in the light of observations and suggestions made from time to time by the Board on the investments policy. (b) The Secretary-General shall arrange for the maintenance of detailed accounts of all investments and other transactions relating to the Fund, which shall be open to examination by the Board. Article 20 INVESTMENTS COMMITTEE The Investments Committee shall consist of nine members appointed by the Secretary-General after consultation with the Board and the Advisory Committee on Administrative and Budgetary Questions, subject to confirmation by the General Assembly. PART IV. PARTICIPATION, CONTRIBUTORY SERVICE AND CONTRIBUTIONS Article 21 Participation (a) Every full-time member of the staff of each member organization shall become a participant in the Fund: (i) (ii) Upon commencing employment under an appointment for six months or longer or upon accepting such an appointment while in employment; or, Upon completing, in the same or more than one member organization, six months of service without an interruption of more than thirty days, whichever is earlier, provided that participation is not expressly excluded by the terms of staff member s appointment

14 (b) Participation shall cease when the organization by which the participant is employed ceases to be a member organization, or when he or she dies or separates from such member organization, except that participation shall not be deemed to have ceased where a participant resumes contributory service with a member organization within 36 months after separation without a benefit having been paid. (c) Notwithstanding the provisions of (b) above, a participant is deemed to have separated when he or she has completed (i) a consecutive period of three years on leave without pay without concurrent contributions having been paid in accordance with article 25(b). To re-enter the Fund, such former participant would have to satisfy the requirements for participation set out in (a) above. Article 22 CONTRIBUTORY SERVICE (a) Contributory service shall accrue to a participant in pay status from the date of commencement to the date of cessation of participation. For the purposes of articles 28(b) and (c) and 29(b), separate periods of contributory service shall be aggregated except that in such aggregation no account shall be taken of periods of service in respect of which a withdrawal settlement was paid and which were not subsequently restored. (b) Contributory service may accrue in respect of leave without pay if contributions are received by the Fund in accordance with article 25(b). (c) Additional contributory service may accrue to a participant if prior service is validated or restored in accordance with article 23 or 24, or if service in a member organization prior to its admission to membership has been recognized as contributory. Article 23 VALIDATION OF NON-CONTRIBUTORY SERVICE (a) A participant may elect, within one year of the commencement of participation, to validate prior service during which he or she was not eligible under these Regulations for participation, provided that (i) participation succeeded the ending of such service within two years, (ii) the service was the most recent prior to participation and had not been interrupted by a break of more than one year, (iii) participation had not, during such service, been expressly excluded by the terms of appointment, and (iv) the totality of the period open to validation is elected. (b) A beneficiary of the participant under these Regulations, other than the recipient of a residual settlement, may, if the participant died before the expiry of the period within which the election may be made under (a) above, make the election on the participant s behalf within such period. (d) Validation shall be subject to receipt by the Fund of contributions in accordance with article 25(c)

15 Article 24 RESTORATION OF PRIOR CONTRIBUTORY SERVICE (a) In certain circumstances, a participant may elect, within one year of the recommencement of participation, to restore his or her most recent period of contributory service. A participant re-entering the Fund on or after 1 April 2007, who previously had not, or could not have, opted for a periodic retirement benefit following his or her separation from service, may, within one year of the recommencement of participation, elect to restore his or her most recent period of prior contributory service. Furthermore, and under the same terms and conditions, restoration of the most recent period of contributory service may also be elected if, before 1 April 2007, a participant had elected under article 30, or was deemed to have elected under article 32, a periodic deferred retirement benefit that was not yet in payment at the time of election to restore. (b) Notwithstanding the provisions of (a) above, if the recipient or former recipient of a disability benefit again becomes a participant in pay status, the contributory service, for which the participant has not received a benefit, preceding the commencement of the disability benefit, shall be restored. Furthermore, in such a case the disability benefit period will be recognized as contributory service, without the payment of any contributions, and the participant shall retain the date of commencement of participation that was applicable preceding the commencement of the disability benefit. (c) A beneficiary of the participant may make the election under (a) above, under the same conditions as a beneficiary under article 23(b). (d) Restoration under (a) above shall be subject to receipt by the Fund of contributions in accordance with article 25(d). Article 25 CONTRIBUTIONS (a) Contributions by the participant and by the employing member organization shall be payable to the Fund concurrently with the accrual of contributory service under article 22(a) at the percentage rates of pensionable remuneration specified below: A For periods of contributory service Before As from 1 January 1984 to 30 June As from 1 July 1988 to 30 June As from 1 July 1989 to 31 December As from 1 January B Participant (percentage) C Employing member organization (percentage) (b) (i) Contributions for the purpose of article 22(b) in respect of a period of leave without pay shall be at a percentage rate of the pensionable remuneration of the participant equal to the applicable rates specified in (a) above as payable by the participant and by the employing member organization, combined. Such contributions shall be

16 payable concurrently with such leave, by the participant in full or by the organization in full, or in part by the participant and in part by the organization; (ii) Notwithstanding the provisions of (i) above, payments in respect of a period of leave without pay during which a disability benefit was being paid under article 33 may be made, but only on the cessation of entitlement thereto, or within 12 months of the resumption of pay status by the participant. (c) Contributions for the purpose of validation under article 23 shall be payable, with interest, by the participant and the organization in the amounts which would have been payable respectively by each had service during the period been contributory. (d) Contributions for the purpose of restoration under article 24(a) shall consist of the lumpsum payment received by the participant in respect of the previous participation, together with the refund, if any, received by the employing member organization in respect of such participation under article 26 of the Regulations in force on 31 December 1982, with interest from the date of payment of the benefit or refund. (e) In any case in which a period of contributory service accrues, or is deemed to accrue, to a participant otherwise than in accordance with article 22, contributions shall be payable, with interest, by the participant in the amount which would have been payable had service during such period been contributory, and by the organization in an amount sufficient to meet any additional obligations to be borne by the Fund resulting therefrom. Article 26 DEFICIENCY PAYMENTS (a) In the event that an actuarial valuation of the Fund shows that its assets may not be sufficient to meet its liabilities under these Regulations, there shall be paid into the Fund by each member organization the sum necessary to make good the deficiency. (b) Each member organization shall, subject to (c) below, contribute to this sum an amount proportionate to the total contributions which each paid under article 25 during the three years preceding the valuation date. (c) The contribution of an organization admitted to membership less than three years prior to the valuation date shall be determined by the Board. PART V. BENEFITS Article 27 ENTITLEMENT TO BENEFITS (a) A participant who is not eligible for a retirement benefit under article 28 or a disability benefit under article 33 may elect on separation to receive an early retirement benefit or a deferred retirement benefit or a withdrawal settlement if he or she satisfies the conditions of article 29, 30 or 31 respectively

17 (b) Retirement, early retirement and deferred retirement benefits shall be payable at periodic intervals for life. Article 28 RETIREMENT BENEFIT (a) A retirement benefit shall be payable to a participant whose age on separation is the normal retirement age or more and whose contributory service was five years or longer. (b) The benefit shall, subject to (d), (e) and (f) below, in respect of any period or periods of participation commencing on or after 1 January 1983, be payable at the standard rate obtained by multiplying: (i) The first five years of the participant's contributory service, by 1.5 per cent of the final average remuneration; (ii) The next five years of contributory service, by 1.75 per cent of the final average remuneration; (iii) The next 25 years of contributory service, by 2 per cent of the final average remuneration; and (iv) The years of contributory service in excess of 35 and performed as from 1 July 1995, by 1 per cent of the final average remuneration, subject to a maximum total accumulation rate of 70 per cent. However, in respect of a participant with a prior period of contributory service of five years or longer ending between 1 January 1978 and 31 December 1982, the standard annual rate specified above shall be calculated by taking into account as periods of contributory service for the purpose of subparagraphs (i), (ii) and (iii) above the period of contributory service before 1 January (c) The benefit shall, subject to (d), (e) and (f) below, in respect of any period of participation commencing prior to 1 January 1983, be payable at the standard annual rate obtained by multiplying: (i) The first 30 years of the participant's contributory service, by 2 per cent of the final average remuneration; (ii) The years of contributory service in excess of 30, but not exceeding five, by 1 per cent of the final average remuneration; and (iii) The years of contributory service in excess of 35 and performed as from 1 July 1995 by 1 per cent of the final average remuneration, subject to a maximum total accumulation rate of 70 per cent. (d) (i) However, except as provided in (ii) below, the benefit otherwise payable at the standard annual rate in accordance with the applicable provisions of (b) or (c) above to a participant at a level above D-2, top step, of the scale of pensionable remuneration indicated in article 51 (see appendix B below), shall not exceed, as at the time of the participant's separation, the greater of: (A) 60 per cent of the participant's pensionable remuneration on the date of separation; or (B) The maximum benefit payable under the provisions of (b) or (c) above to a participant at the level D-2 (top step for the preceding five years) separating on the same date as the participant;

18 (ii) However, for a participant separating at the level of Under-Secretary-General, Assistant Secretary-General or their equivalent level, to whom the provisions of (i) above are applicable, the benefit payable shall not be less than the benefit that would have been payable at the standard annual rate if the participant had separated from service on 31 March 1986; for participants separating at other levels above D-2, top step, in the scale of pensionable remuneration in appendix B below, to whom the provisions of (i) above are applicable, the benefit payable shall not be less than the benefit that would have been payable at the standard annual rate if the participant had separated from service on 31 March 1993; for participants who entered or re-entered the Fund at an ungraded level before 1 April 1993, the provisions of (i) above shall not be applicable. (e) The benefit shall however be payable at the minimum annual rate which is obtained by multiplying the years of the participant's contributory service, not exceeding 10, by the smaller of 180 dollars subject to subsequent adjustments in accordance with the movement of the United States CPI under the Pension Adjustment System (Click here) 2 or 1/30 of the final average remuneration, if the benefit so calculated would be greater than the amount under (b) or (c) above. (f) The annual rate of the benefit shall nevertheless not be less, when no other benefit is payable on account of the participant under these Regulations, than the smaller of 300 dollars subject to subsequent adjustments in accordance with the movement of the United States CPI under the Pension Adjustment System (Click here) 2 or the final average remuneration of the participant. (g) A benefit payable at the standard annual rate may be commuted by the participant into a lump sum subject to the following limitations and to supplementary article D, where applicable: (i) (ii) (iii) If the rate is 300 dollars or more, the amount of the lump sum may not exceed the smaller of: (A) The actuarial equivalent of one third of the benefit; or (B) The actuarial equivalent of one third of the maximum benefit that would be payable to a participant retiring at the normal retirement age, on the same date as the participant, with a final average remuneration equal to the pensionable remuneration on that date for the top step of level P-5 on the scale of pensionable remuneration in appendix B below; Nevertheless, if the amount calculated under (i) above is less than the amount of the participant's own contributions, then the benefit may be commuted to the extent of the latter amount; If the rate is less than 1000 dollars, the benefit may be commuted to the extent of its full actuarial equivalent; if a participant is married, the prospective benefit payable to his or her spouse may also be commuted at the standard annual rate of such benefit. (h) A benefit payable at the minimum rate under (e) or (f) of this article may be commuted into a lump sum as in (g) above, if the participant elects to receive it instead at the standard annual rate

19 Article 29 EARLY RETIREMENT BENEFIT Participation in the Fund has commenced or recommenced prior to 1 January 2014: (a) An early retirement benefit shall be payable to a participant whose age on separation is at least 55 but less than the normal retirement age and whose contributory service was five years or longer. (b) The benefit shall be payable at the standard annual rate for a retirement benefit, reduced for each year or part thereof by which the age of the participant on separation was less than the normal retirement age (60 or 62), at the rate of 6 per cent a year, except that: (i) If the contributory service of the participant was 25 years or longer but less than 30 years, the standard annual rate would be reduced by 2 per cent a year in respect of the period of contributory service performed before 1 January 1985, and 3 per cent a year in respect of the period of such service performed as from 1 January 1985; or (ii) If the contributory service of the participant was 30 years or longer, the standard annual rate would be reduced by 1 per cent a year; provided however that the rate in (i) or (ii) above shall apply to no more than five years. Participation in the Fund has commenced or recommenced on or after 1 January 2014: (c) An early retirement benefit shall be payable to a participant whose age on separation is at least 58 but less than the normal retirement age and whose contributory service was five years or longer. (d) The benefit shall be payable at the standard annual rate for a retirement benefit, reduced for each year or part thereof by which the age of the participant on separation was less than the normal retirement age (65), at the rate of 6 per cent a year, except that: (i) (ii) If the contributory service of the participant was 25 years or longer, the standard annual rate would be reduced by 4 per cent a year; and The rate in (i) above shall apply to no more than five years. (e) The benefit may be commuted by the participant into a lump sum to the extent specified in article 28(g) for a retirement benefit. Article 30 DEFERRED RETIREMENT BENEFIT (a) A deferred retirement benefit shall be payable to a participant whose age on separation is less than the normal retirement age and whose contributory service was five years or longer. (b) The benefit shall be payable at the standard annual rate for a retirement benefit and shall commence at the normal retirement age, or, if the participant so elects, at any time once the participant becomes eligible to receive an early retirement benefit from the Fund, provided that in such event it shall be reduced in the same manner and under the same conditions as specified in article

20 (c) The benefit may only be commuted by the participant into a lump sum if the rate of the benefit at the normal retirement age is less than 1000 dollars. Such commutation shall be equivalent to the full actuarial value of the benefit. Article 31 WITHDRAWAL SETTLEMENT (a) A withdrawal settlement shall be payable to a participant whose age on separation is less than the normal retirement age, or if the participant is the normal retirement age or more on separation but is not entitled to a retirement benefit. (b) The settlement shall consist of: (i) (ii) The participant s own contributions, if the contributory service of the participant was less than five years; or The participant s own contributions increased by 10 per cent for each year in excess of five up to a maximum of 100 per cent, if the contributory service of the participant was more than five years. Article 32 DEFERMENT OF PAYMENT OR CHOICE OF BENEFIT (a) The payment to a participant of a withdrawal settlement, or the exercise by a participant of a choice among available benefits, or between a form of benefit involving payment in a lump sum and another form, may be deferred at the participant s request for a period of 36 months. (b) A participant who deferred a choice under (a) above shall, if the choice is not made within the period by submitting applicable payment instructions, be deemed to have chosen a deferred retirement benefit if his or her age on separation was less than the normal retirement age.. Article 33 DISABILITY BENEFIT (a) A disability benefit shall, subject to article 41, be payable to a participant who is found by the Board to be incapacitated for further service in a member organization reasonably compatible with his or her abilities, due to injury or illness constituting an impairment to health which is likely to be permanent or of long duration. (b) The benefit shall commence on separation or, if earlier, on the expiration of the paid leave due to the participant and shall continue for as long as the participant remains incapacitated, provided that incapacity shall be deemed to be permanent once the former participant reaches an age seven years less than that when he or she would have been entitled to receive a normal retirement benefit, except in cases where the normal retirement age is 60, in which case the period shall be five years less than the normal retirement age. (c) The benefit shall, if the age of the participant on entitlement is the normal retirement age or more, be payable at the standard or the minimum annual rate for a retirement benefit as the case may be; if the age of the participant is less than the normal retirement age, the benefit shall be payable at the rate of the retirement benefit which would have been payable had the participant remained in service until the normal retirement age and had the final average remuneration remained unchanged. -15-

21 (d) The annual rate of the benefit shall, notwithstanding (c) above, not be less, when no other benefit is payable on account of the participant under these Regulations, than the smaller of 500 dollars subject to subsequent adjustments in accordance with the movement of the United States CPI under the Pension Adjustment System (Click here) 2 or the final average remuneration of the participant. (e) A benefit which is discontinued shall, if a participant who has been separated does not upon such discontinuance again become a participant, be converted at his or her option to a deferred retirement benefit or a withdrawal settlement, calculated as at the date of commencement of the disability benefit. (f) The Board may prescribe the extent to which and the circumstances in which a disability benefit may be reduced when the beneficiary, although remaining incapacitated within the meaning of this article, is nevertheless in paid employment. Article 34 WIDOW'S BENEFIT (a) A widow's benefit shall, subject to article 41 and to (b) below, be payable to the surviving female spouse of a participant who was entitled to a retirement, early retirement, deferred retirement or disability benefit at the date of his death, or who died in service, if she was married to him at the date of his death in service or, if he was separated prior to his death, she was married to him at the date of separation and remained married to him until his death. (b) A benefit shall nevertheless not be payable if the participant had commuted his widow's prospective benefit under article 28 or 29. (c) The benefit shall, if the participant died in service or during entitlement to a retirement, early retirement or disability benefit, be payable at the standard annual rate of half the retirement or disability benefit which would have been payable to the participant had he become entitled thereto at the date of his death, or of half of his retirement, early retirement or disability benefit including such part thereof as may have been commuted, as the case may be, provided that the rate shall not be less than the smaller of: (i) (ii) 750 dollars subject to subsequent adjustments in accordance with the movement of the United States CPI under the Pension Adjustment System (Click here) 2 or Twice the standard annual rate above. (d) The annual rate of the benefit shall, notwithstanding (c) above, not be less, when no other benefit is payable on account of the participant under these Regulations, than the smaller of 500 dollars subject to subsequent adjustments in accordance with the movement of the United States CPI under the Pension Adjustment System (Click here) 2 or the final average remuneration of the participant. (e) The benefit shall, if the participant died after the commencement of a deferred retirement benefit which had not been commuted under article 30(c), be payable at half the annual rate of such benefit and, if he died before its commencement, at the rate of half the actuarial equivalent at the date of death of the annual rate of the benefit at the normal retirement age. -16-

22 (f) The benefit shall be payable at periodic intervals for life, provided that a benefit payable at an annual rate of less than 600 dollars may be commuted by the widow into a lump sum which is the actuarial equivalent of the benefit at the standard annual rate under (c) above, or the annual rate under (e) above, as the case may be. (g) The benefit shall, where there is more than one surviving spouse, be divided equally between the spouses, and upon the death of each such spouse shall be equally divided among the remainder. (h) Notwithstanding the provisions of (a) and (f) above, with respect to a surviving spouse who had remarried prior to 1 April 1999 the benefit under (a) above shall be payable as from 1 January 2001, subject to recovery (with interest) of the lump sum payment that had been made to that surviving spouse upon remarriage, as provided in the Regulations then in effect. Article 35 WIDOWER'S BENEFIT A widower's benefit, at the rates and under the conditions applicable in article 34 to a widow's benefit, shall be payable to the surviving male spouse of a participant. Article 35 bis DIVORCED SURVIVING SPOUSE'S BENEFIT (a) Any divorced spouse of a participant or former participant, separated on or after 1 April 1999, who was entitled to a retirement, early retirement, deferred retirement or disability benefit, or of a participant who died in service on or after that date, may, subject to the provisions of article 34(b) (applicable also to widowers), request a former spouse's benefit, if the conditions specified in paragraph (b) below are fulfilled. (b) Subject to paragraph (d) below, the divorced spouse is entitled to the benefit set out in paragraph (c) below, payable prospectively following receipt of the request for a divorced surviving spouse's benefit, if, in the opinion of the Chief Executive Officer of the Fund, all of the following conditions are fulfilled: (i) (ii) (iii) (iv) The participant had been married to the former spouse for a continuous period of at least ten years, during which contributions were paid to the Fund on account of the participant or the participant was awarded a disability benefit under article 33 of the Regulations; The participant's death occurred within 15 years of the date when the divorce became final, unless the former spouse proves that at the time of death the participant was under a legal obligation to pay maintenance to the former spouse; The former spouse has reached the age of 40. Otherwise the benefit entitlement shall commence on the day immediately following the day that age is reached; and Evidence is provided that a divorce settlement does not have an express renouncement of UNJSPF pension benefit entitlements; (c) A former spouse who, in the opinion of the Chief Executive Officer, has met the conditions set out in paragraph (b) above shall be entitled to the widow's or widower's benefit under article 34 or 35 as the case may be; however, if the participant is survived by both one or more such former spouses and/or by a spouse entitled to a benefit under article 34 or 35, the benefit payable under article 34 or -17-

23 35 shall be divided between the spouse and former spouse(s) in proportion to the duration of their marriages to the participant. (d) Article 34(f) and (g) shall apply mutatis mutandis. (e) The divorced spouse of a former participant who separated before 1 April 1999 and, in the opinion of the Chief Executive Officer, met all the other eligibility conditions in paragraphs (a) and (b) above shall be entitled to a benefit equal to twice the minimum surviving spouse's benefit under article 34(c), payable as of 1 April 1999 or from the first day of the month succeeding the death of the former participant, whichever is later, subject to the proviso that the amount of such benefit cannot exceed the amount payable to a surviving spouse of the former participant. Article 35 ter SPOUSES MARRIED AFTER SEPARATION (a) A former participant receiving a periodic benefit may elect to provide a periodic benefit for life in a specified amount (subject to paragraph (b) below) to a spouse who was not married to him or her at the date of separation. Such election shall be made within one year of the date of marriage and shall become effective 18 months after the date of marriage. The benefit shall be payable as of the first day of the month following the death of the former participant. When the election becomes effective, the benefit payable to the former participant shall be reduced in accordance with actuarial factors to be determined by the Fund's Consulting Actuary. An election under this subsection may not be revoked after it becomes effective, except by an explicit request in writing by the former UNJSPF retiree who has divorced the new spouse or by the death of the spouse, in which case it will be considered terminated as from that date. The UNJSPF retiree may rescind his or her decision to provide a periodic benefit for life to a spouse married after separation by providing the Fund with a final divorce decree issued by a competent national court. Payments made for the annuity before such a cancellation will not be refunded to a UNJSPF retiree, neither do such payments convey to the divorced spouse a benefit entitlement from the Fund. (b) Any election made under paragraph (a) shall be subject to the following: (i) (ii) The amount of the periodic benefit payable to the former participant, after reduction owing to elections made pursuant to paragraph (a) above, shall be at least one half of the benefit that would have been payable without any such elections; and The amount of the benefit payable to the spouse shall not be larger than the amount of the benefit payable to the retired participant after reduction for the elections. Article 36 CHILD'S BENEFIT (a) A child's benefit shall, subject to (b) and (c) below, be payable for each child of a participant who is entitled to a retirement, early retirement or disability benefit or who has died in service, while the child remains under the age of 21. (b) A benefit shall be payable for a child who is over the age of 21 if the child is found by the Board to have been incapacitated by illness or injury for substantial gainful employment: (i) On reaching the age of 21, if immediately prior thereto a child's benefit was payable; or -18-